The current number of student loan borrowers in the United States

Roughly 43 million Americans hold federal student loan debt as of 2024. This count includes people still in school, those in repayment, those in deferment or forbearance, and those in default. The number has grown steadily over the past two decades as college costs have risen and more people have pursued higher education.

The figure of 43 million represents federal loans only — it does not include private student loans, which are tracked separately by credit bureaus and lenders rather than by a single government database. Private loan borrowers number in the millions more, though the exact total is harder to pin down because private loans are held by many different companies.

These numbers shift as borrowers finish school, enter repayment, make payments, or default. The Department of Education updates its loan portfolio data periodically, so the precise count changes throughout the year.

Key Takeaways

  • Federal student loan debt is held by approximately 43 million borrowers, a figure that includes students, people actively repaying, and those in deferment or default.
  • Private student loans add millions more borrowers to the total, though no single agency tracks all private loan holders.
  • The number of borrowers has grown as college tuition has increased and more people have pursued degrees or certificates.
  • Borrower counts include people at every stage of the loan lifecycle, not just those currently making payments.

How the borrower count breaks down by loan status

Not all 43 million federal borrowers are in the same situation. Some are still enrolled in school and have not yet entered repayment. Others are actively paying down their loans, some are in deferment (a pause on payments while in school or during economic hardship), some are in forbearance (a temporary pause on payments), and some are in default (past due on payments).

The Department of Education publishes breakdowns of these categories in its quarterly loan portfolio reports. The exact percentages shift based on economic conditions, policy changes, and how many people graduate or leave school each term. During periods of economic stress, forbearance numbers tend to rise. When repayment pause periods end, more borrowers move into active repayment status.

Understanding which category you fall into matters because it affects what payment options, forgiveness programs, or relief measures you may be able to use. Someone in school has different options than someone actively repaying or someone in default.

Why the number of borrowers has grown over time

The number of student loan borrowers has roughly doubled since 2006. This growth reflects several overlapping trends: college tuition has increased faster than inflation, more people have pursued bachelor's degrees and graduate degrees, and federal loans have become the primary way most students finance higher education.

The federal government also expanded loan programs over this period, making federal loans available to more types of students and for more types of education. Parent PLUS loans and graduate PLUS loans, for example, opened borrowing to parents and graduate students who might not have may have access to for earlier loan types.

Economic recessions have also played a role. During downturns, more people pursue additional education or degrees as a way to improve job prospects, which increases borrowing. Some borrowers also remain in school longer or return to school, extending the time they hold active loans.

The difference between federal and private loan borrowers

Federal student loans are issued by the Department of Education and tracked in a central system. Private student loans are issued by banks, credit unions, and other lenders and are not tracked in one place. This means the 43 million figure refers only to federal borrowers.

Private loan borrowers are counted differently — usually through credit reporting agencies or surveys — and the total is less precise. Estimates suggest several million Americans hold private loans, either alone or alongside federal loans. Some borrowers have both types.

The two types of loans work differently. Federal loans offer income-driven repayment plans, forgiveness programs, and protections like deferment and forbearance. Private loans typically do not, though terms vary by lender. This distinction matters when you are looking at what repayment or relief options are available to you.

How borrower numbers have changed during recent policy shifts

Borrower counts have fluctuated in response to major policy changes. When the federal government paused federal student loan payments and interest in March 2020 during the pandemic, millions of borrowers entered a temporary forbearance status. This pause lasted until late 2023, affecting how borrowers were counted and categorized during that period.

When the pause ended and repayment resumed, borrowers moved back into active repayment status. Some entered income-driven repayment plans, some chose standard repayment, and some fell behind and entered default. These shifts changed the breakdown of borrowers by status, though the total number of people holding federal loans remained relatively stable.

Proposed loan forgiveness programs, changes to income-driven repayment rules, and other policy announcements also affect borrower behavior. When forgiveness becomes possible or rules change, some borrowers consolidate loans, switch repayment plans, or take other actions that shift the numbers in different categories.

Where to find current borrower statistics

The Department of Education publishes federal student loan portfolio data on its website, including the total number of borrowers and breakdowns by loan type and status. This data is updated quarterly and is free to access. The Federal Student Aid office maintains this information as part of its public reporting.

The Consumer Financial Protection Bureau also tracks student loan data and publishes reports on borrowing trends, default rates, and other metrics. These reports often include state-by-state breakdowns and demographic information about who holds student loans.

Private loan data is less centralized. The Federal Reserve publishes aggregate data on private student loans as part of its consumer credit reports, but individual lenders do not all report their borrower counts publicly. Credit bureaus like Equifax, Experian, and TransUnion track private loans for credit reporting purposes but do not publish total borrower counts.

Frequently Asked Questions

Does the 43 million number include people who have already paid off their loans?

No. The 43 million count includes only people who currently hold federal student loan debt. People who have finished paying off their loans are not included in this figure. The count changes as borrowers complete repayment or enter default.

Are international students included in the borrower count?

Federal student loans are available only to U.S. citizens and certain may be able to access non-citizens. International students who do not meet these requirements cannot borrow federal loans. Some international students borrow private loans, which are tracked separately by lenders and credit bureaus.

How many people have private student loans?

The exact number is not tracked in one place the way federal loans are. Estimates suggest several million Americans hold private loans, either alone or alongside federal loans. The Federal Reserve and credit bureaus publish aggregate data, but a precise total borrower count for private loans is not publicly available.

What percentage of Americans have student loan debt?

With roughly 43 million federal borrowers and a U.S. adult population of about 260 million, federal student loan borrowers represent roughly 16 to 17 percent of all adults. This percentage varies significantly by age, education level, and income. Younger adults and college graduates have much higher rates of student loan debt.

Do these numbers include Parent PLUS loans?

Yes. Parent PLUS loans are federal loans issued to parents of dependent students, and borrowers of these loans are included in the 43 million total. Parent PLUS borrowers are counted separately in Department of Education breakdowns, so you can see how many parents hold these loans if you look at the detailed portfolio data.